Already another one went to oppie... let's put PAP as oppie party and get the taste of their own medicine. 1st go Lock up Loong...
his mother fucked by yeendians fr Changi till Tuas
You agree with Ong Y Kung that Singaporeans should open our legs for prostitution in order to bring in more pimps to invest in Singapore future?
How to explain the crowds of black skin in Chenai Business Park and Mumbai Financial Center in Singapore?
Brahmin are here to prey on Singaporean Chinese Mei Mei, you better keep your children under lock and key otherwise you will end up like the NY polytechnic lecturer making a scene in Orchard.
TH takes in all sorts of startup, nothing interesting and if can get 30% PAP happy. I tried TH start up before.
However, he said the ability to source workers from overseas "dilutes" upward pressure on wages in some parts of the economy and it was possible there were "spillovers" from that phenomenon to the rest of the labour market.
This is a topic the RBA (and other economists) have been talking about more in recent months.
Even the ang mors know that open door policy for foreign labour drives down wages and benefit the oligarchs..what more the SHITCA to the the singkie working class?
Wage dynamics in Australia have been permanently changed by foreign labour
By business reporter Gareth Hutchens
Posted 18h ago18 hours ago, updated 15h ago15 hours ago
Reserve Bank Governor Philip Lowe says in some industries, wages are less likely to increase. (
ABC News: John Gunn
)
Share
Reserve Bank governor Philip Lowe says the ability of Australia's employers to "tap" global labour markets for foreign workers may have permanently changed wage dynamics in Australia.
Key points:
He also says if interest rates remain low for years, government spending will have to play a bigger role in the next downturn, because conventional monetary policy will be a diminished force.
- The last time wages growth in Australia was above 3 per cent was a decade ago
- RBA governor Philip Lowe says wage dynamics have been permanently altered by foreign labour
- It could take many years before wage growth hits 3 per cent again
Speaking to the Economic Society of Australia on Thursday, Dr Lowe said with Australia's labour market becoming more "flexible" in recent decades, employers had found it easier to import workers from overseas.
He said that partly explained why wages were less likely to increase when there was an increase in demand for labour.
He said the ability to hire foreign workers to overcome bottlenecks and to fill specific gaps where workers were in short supply had helped businesses to operate effectively, and that was a good thing.
"This benefit was clearly evident during the resources boom, and there are a wide range of businesses in industries that have benefited from hiring foreign workers," he said.
However, he said the ability to source workers from overseas "dilutes" upward pressure on wages in some parts of the economy and it was possible there were "spillovers" from that phenomenon to the rest of the labour market.
"This hiring can [also] dilute the incentive for businesses to train workers to do the required job," Dr Lowe said.
Do not conflate immigration with foreign workers
Dr Lowe said it was important to distinguish between the role that foreign workers were playing in local labour markets and the impact immigration was having on the economy more broadly.
He said immigration added to both the supply of, and demand for, labour in the economy, and the precise balance between their extra labour supply and extra labour demand was difficult to determine and depended on specific circumstances.
He said the picture was clearer, however, when it came to firms sourcing labour from overseas to perform specific roles in Australia.
He said at the time of the 2016 census there were roughly 430,000 people working in Australia on temporary visas, and some industries relied more heavily on those workers than others.
In the food trades, workers on temporary visas filled around 18 per cent of jobs, while in the hospitality sector they filled around 13 per cent of jobs.
He said most of those workers were either on temporary visas for skilled workers or were student visas.
In contrast, in the farm sector, it was more common for workers to be on working holiday visas.
Without half a million short-term migrant workers and thousands more longer term arrivals, employers are finding it harder, and possibly more expensive, to fill some roles.(
Pexels: Alexandr Podvalny
)
Dr Lowe said if you thought about it conceptually, the ability that employers had to "tap into the global labour market" for workers that were in short supply was "flattening the supply curve" for those kinds of workers.
"A flat supply curve means that a shift in demand has only a small effect on prices, or in this case, wages," Dr Lowe said.
This is a topic the RBA (and other economists) have been talking about more in recent months.
With Australia's international borders closed, a large experiment is being run with the labour market.
The secret to Australia's jobs performance?
ABS figures are hiding 300,000 job losses that helped to push down Australia's unemployment rate after the borders were closed.
Read more
Hundreds of thousands of foreign workers have left Australia in the last 18 months and businesses are complaining about labour shortages — even though the national unemployment rate is still 5.1 per cent and the underemployment rate is 7.4 per cent.
Dr Lowe said there were small pockets of wage growth in some sectors of the economy at the moment but employers generally were still reluctant to lift wages to attract workers.
He said many were holding out for borders to reopen.
After the RBA's board meeting on Tuesday, Dr Lowe said borders would probably have to stay closed for another 18 months to two years before wage dynamics became "quite different".
And he is working under the assumption that borders will gradually be reopened over the next year, "particularly for workers who have skills that are in short supply".
So he's assuming employers will get their wish and there won't be any broad-based wage increases brought on by our borders remaining shut.
For that reason, he said it will probably take a few years before wage pressures build to the point where inflation is sitting comfortably within the 2 to 3 per cent band, and that's why he'll be keeping interest rates at exceptionally low levels for the next few years.
How long will it take for wages to pick up?
He had sobering news on that point.
He said the last time wages growth in Australia was above 3 per cent was "a decade ago," and in that time the rate of growth had ground down slowly to 1.5 per cent.
He said there were "powerful" structural factors at work, including the psychological factor of employers still being obsessed with cost-cutting.
Australia’s reservoir of workers running low
The RBA governor says when borders reopen it will remove some wage pressures from Australia's economy, because employers will be able to import skilled labour again, writes Gareth Hutchens.
Read more
"I don't see those factors going away quickly," he said.
"They were there for a decade. They're fundamental. They're global.
"And because we don't see them turning around quickly, the grind higher in wages will be slow and if wages growth is still running with a 2 in front of it [in coming years] it's going to be very difficult for us to deliver an inflation rate [of] around 2.5 per cent.
"That process is going to take time to work through," he said.
Government spending will need to be bigger in future downturns
On another topic, Dr Lowe said he would really like to see the economy improve to the point where inflation was sitting in the 2 to 3 per cent band, and interest rates returned to more normal levels.
However, he said there was a possibility interest rates would not lift much from their currently exceptionally low levels by the time the next downturn occurred.
He said in such a scenario, government spending (ie fiscal policy) would have to play a larger role in supporting the economy than it did this time because monetary policy would have relatively little ammunition.
"I know Treasury are thinking about the mechanisms and approaches to make that effective because we all know there are challenges here in using fiscal policy in a counter-cyclical sense," he said.
He said it was probable the RBA would have to keep purchasing Australian government bonds in future downturns too — a phenomenon once considered extraordinary — given how much global economic dynamics had changed in recent years.
"Quantitative easing will have an ongoing role but I think it'd be unwise to rely on that as the main instrument of macro-economic management," he said.
Posted 18h ago18 hours ago, updated 15h ago
He's busy counting the gold bars at his underground bunker.
John will have a heart attack when he saw his daughter with an Ah Neh at Orchard.
Pls quantify why u say.. u mean the standard of living has increased? N cost of living has dropping?
Why does this man make such precise and relevant observations to their labour market? Is he a scholar? An administrative elite with pay scale matching multinational corporations? I can not understand how Australia can retain such talents in the public sector!Even the ang mors know that open door policy for foreign labour drives down wages and benefit the oligarchs..what more the SHITCA to the the singkie working class?
Wage dynamics in Australia have been permanently changed by foreign labour
By business reporter Gareth Hutchens
Posted 18h ago18 hours ago, updated 15h ago15 hours ago
Reserve Bank Governor Philip Lowe says in some industries, wages are less likely to increase. (
ABC News: John Gunn
)
Share
Reserve Bank governor Philip Lowe says the ability of Australia's employers to "tap" global labour markets for foreign workers may have permanently changed wage dynamics in Australia.
Key points:
He also says if interest rates remain low for years, government spending will have to play a bigger role in the next downturn, because conventional monetary policy will be a diminished force.
- The last time wages growth in Australia was above 3 per cent was a decade ago
- RBA governor Philip Lowe says wage dynamics have been permanently altered by foreign labour
- It could take many years before wage growth hits 3 per cent again
Speaking to the Economic Society of Australia on Thursday, Dr Lowe said with Australia's labour market becoming more "flexible" in recent decades, employers had found it easier to import workers from overseas.
He said that partly explained why wages were less likely to increase when there was an increase in demand for labour.
He said the ability to hire foreign workers to overcome bottlenecks and to fill specific gaps where workers were in short supply had helped businesses to operate effectively, and that was a good thing.
"This benefit was clearly evident during the resources boom, and there are a wide range of businesses in industries that have benefited from hiring foreign workers," he said.
However, he said the ability to source workers from overseas "dilutes" upward pressure on wages in some parts of the economy and it was possible there were "spillovers" from that phenomenon to the rest of the labour market.
"This hiring can [also] dilute the incentive for businesses to train workers to do the required job," Dr Lowe said.
Do not conflate immigration with foreign workers
Dr Lowe said it was important to distinguish between the role that foreign workers were playing in local labour markets and the impact immigration was having on the economy more broadly.
He said immigration added to both the supply of, and demand for, labour in the economy, and the precise balance between their extra labour supply and extra labour demand was difficult to determine and depended on specific circumstances.
He said the picture was clearer, however, when it came to firms sourcing labour from overseas to perform specific roles in Australia.
He said at the time of the 2016 census there were roughly 430,000 people working in Australia on temporary visas, and some industries relied more heavily on those workers than others.
In the food trades, workers on temporary visas filled around 18 per cent of jobs, while in the hospitality sector they filled around 13 per cent of jobs.
He said most of those workers were either on temporary visas for skilled workers or were student visas.
In contrast, in the farm sector, it was more common for workers to be on working holiday visas.
Without half a million short-term migrant workers and thousands more longer term arrivals, employers are finding it harder, and possibly more expensive, to fill some roles.(
Pexels: Alexandr Podvalny
)
Dr Lowe said if you thought about it conceptually, the ability that employers had to "tap into the global labour market" for workers that were in short supply was "flattening the supply curve" for those kinds of workers.
"A flat supply curve means that a shift in demand has only a small effect on prices, or in this case, wages," Dr Lowe said.
This is a topic the RBA (and other economists) have been talking about more in recent months.
With Australia's international borders closed, a large experiment is being run with the labour market.
The secret to Australia's jobs performance?
ABS figures are hiding 300,000 job losses that helped to push down Australia's unemployment rate after the borders were closed.
Read more
Hundreds of thousands of foreign workers have left Australia in the last 18 months and businesses are complaining about labour shortages — even though the national unemployment rate is still 5.1 per cent and the underemployment rate is 7.4 per cent.
Dr Lowe said there were small pockets of wage growth in some sectors of the economy at the moment but employers generally were still reluctant to lift wages to attract workers.
He said many were holding out for borders to reopen.
After the RBA's board meeting on Tuesday, Dr Lowe said borders would probably have to stay closed for another 18 months to two years before wage dynamics became "quite different".
And he is working under the assumption that borders will gradually be reopened over the next year, "particularly for workers who have skills that are in short supply".
So he's assuming employers will get their wish and there won't be any broad-based wage increases brought on by our borders remaining shut.
For that reason, he said it will probably take a few years before wage pressures build to the point where inflation is sitting comfortably within the 2 to 3 per cent band, and that's why he'll be keeping interest rates at exceptionally low levels for the next few years.
How long will it take for wages to pick up?
He had sobering news on that point.
He said the last time wages growth in Australia was above 3 per cent was "a decade ago," and in that time the rate of growth had ground down slowly to 1.5 per cent.
He said there were "powerful" structural factors at work, including the psychological factor of employers still being obsessed with cost-cutting.
Australia’s reservoir of workers running low
The RBA governor says when borders reopen it will remove some wage pressures from Australia's economy, because employers will be able to import skilled labour again, writes Gareth Hutchens.
Read more
"I don't see those factors going away quickly," he said.
"They were there for a decade. They're fundamental. They're global.
"And because we don't see them turning around quickly, the grind higher in wages will be slow and if wages growth is still running with a 2 in front of it [in coming years] it's going to be very difficult for us to deliver an inflation rate [of] around 2.5 per cent.
"That process is going to take time to work through," he said.
Government spending will need to be bigger in future downturns
On another topic, Dr Lowe said he would really like to see the economy improve to the point where inflation was sitting in the 2 to 3 per cent band, and interest rates returned to more normal levels.
However, he said there was a possibility interest rates would not lift much from their currently exceptionally low levels by the time the next downturn occurred.
He said in such a scenario, government spending (ie fiscal policy) would have to play a larger role in supporting the economy than it did this time because monetary policy would have relatively little ammunition.
"I know Treasury are thinking about the mechanisms and approaches to make that effective because we all know there are challenges here in using fiscal policy in a counter-cyclical sense," he said.
He said it was probable the RBA would have to keep purchasing Australian government bonds in future downturns too — a phenomenon once considered extraordinary — given how much global economic dynamics had changed in recent years.
"Quantitative easing will have an ongoing role but I think it'd be unwise to rely on that as the main instrument of macro-economic management," he said.
Posted 18h ago18 hours ago, updated 15h ago
The rich got richer which makes the median look better. What is the percentage of singkies who earn that amount? N is it family income? Or individual income? Wat is the percentage of singkies who b earn tat amount?
